The Fossil Group, which owns and partners with top brands to create smartwatch technology has agree to sell its smartwatch tech to Google for $40 million.

Image: Fossil Group

The transaction as plan we include a portion of the Fossil Group research and development team behind this intellectual property, the team will join Google as part of the transaction.

Fossil Group has more than 200 research and development team members and some of which will be joining Google for product development.

Google acquiring the smartwatch tech will get Google a quick head start for smartwatch development.

“Fossil Group has experienced significant success in its wearables business by focusing on product design and development informed by our strong understanding of consumers’ needs and style preferences,” said Greg McKelvey, Executive Vice President and Chief Strategy and Digital Officer, Fossil Group.

“We’ve built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. Together with Google, our innovation partner, we’ll continue to unlock growth in wearables.”

“Wearables, built for wellness, simplicity, personalization and helpfulness, have the opportunity to improve lives by bringing users the information and insights they need quickly, at a glance. The addition of Fossil Group’s technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer,” said Stacey Burr, Vice President of Product Management, Wear OS by Google.

Fossil Group and the rest of its partners will continue releasing smartwatches powered by Google’s Wear OS in the future.

It’s important to note that the Fossil Group isn’t selling its smartwatch division to Google.

The fossil Group had said that the transaction is expected to close this month.

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